葡萄酒投資基金的風險評估和控制
發(fā)布時間：2018-07-18 13:37
【摘要】：本文主要論述葡萄酒投資基金的風險評估和控制。葡萄酒投資基金面臨的風險主要來自于五個方面：一是宏觀環(huán)境的風險，包括：國際政治風險、國內(nèi)稅收風險、流通性風險、信息不對稱風險以及經(jīng)濟危機帶來的風險。二是氣候風險，因為葡萄和葡萄酒是農(nóng)業(yè)品，必定受到氣候的影響，光照、雨水、溫度、蟲害對葡萄酒的產(chǎn)量和質(zhì)量有著重大影響。在波爾多，人們把風調(diào)雨順的一年稱為好年份，，好年份的酒價往往比較高，不理想年份的酒價格往往會下降，價格的上下波動和氣候緊密相連，當然，人類經(jīng)過幾千年的奮斗，對自然界帶來的不利影響會有一定的治理方法，應(yīng)對及時合理的酒莊，受影響度比較小，價格會在非理想年份酒中異軍突起。三是市場風險，包括匯率風險，利率風險和價格風險，其中匯率風險最為重要，因為募集的是人民幣，購買的是歐元或美元產(chǎn)品，就是哪一天人民幣全球流通了，匯率風險依然存在。本文用一個模型來指導基金公司如何來規(guī)避匯率風險。四是信用風險，主要來自交易環(huán)節(jié)和儲藏環(huán)節(jié)。最后的風險來自于管理層，一個基金公司成功與否主要取決于管理層的水平和能力，本文主要從制度體制上來控制管理層的風險，包括道德風險、心理因素等。
[Abstract]:This paper mainly discusses the risk assessment and control of wine investment fund. The risk of wine investment fund mainly comes from five aspects: one is the risk of macro environment, including: international political risk, domestic tax risk, liquidity risk, information asymmetry risk and economic crisis risk. Second, climate risk, because grapes and wine are agricultural products, must be affected by the climate, light, Rain Water, temperature, insect pests have a major impact on the production and quality of wine. In Bordeaux, people call a smooth year a good year. The price of wine in a good year is often higher, and the price of wine in an unideal year tends to fall, and the fluctuation of prices is closely linked to the climate. Of course, after thousands of years of struggle, The adverse effects on nature will be treated by some methods, which can deal with timely and reasonable wineries. The degree of influence is relatively small, and the price will rise suddenly in the non-ideal years of wine. Third, market risk, including exchange rate risk, interest rate risk and price risk, among which exchange rate risk is the most important, because it is the renminbi that is raised, the products purchased are euros or US dollars, that is, when the RMB is circulating globally, Exchange rate risks remain. This paper uses a model to guide fund companies to avoid exchange rate risk. Fourth, credit risk, mainly from trading links and storage links. The final risk comes from the management, the success of a fund company mainly depends on the level and ability of the management, this paper mainly from the institutional system to control the risk of management, including moral hazard, psychological factors and so on.
【學位授予單位】：上海交通大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.48;F426.82
本文編號：2132067
[Abstract]:This paper mainly discusses the risk assessment and control of wine investment fund. The risk of wine investment fund mainly comes from five aspects: one is the risk of macro environment, including: international political risk, domestic tax risk, liquidity risk, information asymmetry risk and economic crisis risk. Second, climate risk, because grapes and wine are agricultural products, must be affected by the climate, light, Rain Water, temperature, insect pests have a major impact on the production and quality of wine. In Bordeaux, people call a smooth year a good year. The price of wine in a good year is often higher, and the price of wine in an unideal year tends to fall, and the fluctuation of prices is closely linked to the climate. Of course, after thousands of years of struggle, The adverse effects on nature will be treated by some methods, which can deal with timely and reasonable wineries. The degree of influence is relatively small, and the price will rise suddenly in the non-ideal years of wine. Third, market risk, including exchange rate risk, interest rate risk and price risk, among which exchange rate risk is the most important, because it is the renminbi that is raised, the products purchased are euros or US dollars, that is, when the RMB is circulating globally, Exchange rate risks remain. This paper uses a model to guide fund companies to avoid exchange rate risk. Fourth, credit risk, mainly from trading links and storage links. The final risk comes from the management, the success of a fund company mainly depends on the level and ability of the management, this paper mainly from the institutional system to control the risk of management, including moral hazard, psychological factors and so on.
【學位授予單位】：上海交通大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.48;F426.82
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相關(guān)期刊論文 前2條
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相關(guān)博士學位論文 前1條
1 范運;私募房地產(chǎn)股權(quán)投資基金風險管理研究[D];西南財經(jīng)大學;2009年
本文編號：2132067
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